The New Zealand median house price breaks record.
Prices increased by 8.2% year on year to a new record high of $607,500, according to the latest data from the Real Estate Institute of New Zealand (REINZ).
Prices excluding Auckland reached a record high of $520,000, up from $479,000.
The REINZ figures also show median house prices in Auckland increased slightly by 0.8% to $868,000 – up from $861,000 at the same time last year – the highest price in 19 months.
Record median prices were recorded in:
- Northland with a 9.4% increase to $525,000 up from $480,000 at the same time last year
- Waikato with a 9.6% increase to $570,000 up from $520,000 at the same time last year
- Bay of Plenty with a 7.8% increase to $620,000 up from $575,000 at the same time last year
- Hawke’s Bay with a 16.3% increase to $535,000 up from $460,000 at the same time last year
- Manawatu/Wanganui with a 20.9% increase to $407,500 up from $337,000 at the same time last year
- Otago with a 15.8% increase to $550,000 up from $475,000 at the same time last year.
The only region to experience a decrease was Taranaki, with a marginal fall of -0.5% from $392,000 in October 2018 to $390,000 in October this year.
“October was a strong month price-wise, with record median prices recorded in six regions and a record equal in Canterbury,” said Bindi Norwell, Chief Executive at REINZ.
“The Gisborne region also had a very strong month with a 37.1% increase in median price year-on-year to $425,000 – the strongest price rise across the country.”It was also the highest number of regional record prices REINZ had seen for the country in 23 months.
Sales fell -4/0% year on year, due to the foreign buyer ban, said Norwell.
“…with a number of people aiming to sell their home before the foreign buyer ban came into effect at the end of October 2018, it’s not surprising that the number of properties sold fell when compared to last year."
“Importantly though, what we did see was the lift in the number of properties sold when compared to September. Sales volumes were up 12.1% across the country month-on-month, a pattern we expect to see at this time of the year.”
Bay of Plenty saw the highest sales volumes in the month of October for four years with a big uplift in sales in Kawerau, Opotiki and Western Bay of Plenty Districts and in Tauranga City. Similarly, at the top of the South Island, Tasman and Nelson saw strong annual uplifts in sales volumes.
In Auckland, areas that are more affordable saw big increases in the number of properties sold, with Papakura District seeing a 41.9% increase annually and Franklin and Rodney Districts seeing increases of 25.6% and 13.8% respectively. Whereas more expensive areas such as Auckland City and North Shore City saw falls of -9.2% and -3.0% respectively.
The total number of properties available for sale nationally decreased by -13.1% to 22,313 down from 25,673.